A Brazilian exporter told SteelOrbis that $630/mt, FOB conditions, is the new reference price for the export of mesh grade wire rod. The price compares with $650/mt FOB over the last two weeks.
The source mentioned the price reduction reflects attempts by producers to approach international prices of the product, as high energy costs continue to squeeze margins for Brazilian longs producers.
In the Brazilian domestic market, wire rod prices are hovering around the equivalent of $1,000/mt, ex-works, full taxes except IPI.
In September, ArcelorMittal exported wire rod at $531/mt and Gerdau exported at $545/mt, both FOB conditions, with price deals probably closed in July.